Bitcoin slowed late Tuesday afternoon, retreating from a local high near $ 32.3K to $ 31.5K. Ethereum It has lost 2.5% to $ 1930 in the last 24 hours. Other altcoins in the top 10 are declining between 0.3% (BNB) and 6.5% increase (Cardano) in one day.
According to CoinMarketCap, the market capitalization of cryptocurrencies fell 1.3% overnight to $ 1.30 trillion. Bitcoin’s dominance index rose another 0.3% to 46.3%. Cryptocurrency horror and greed index rose 1 point to 17 by Wednesday, but it is still in “extreme horror”.
Bitcoin hit a three-week high of over $ 32,300 on Tuesday and continued its upward momentum the day before. According to CoinShares, institutional investors invested $ 87 million in crypto funds last week, reaching $ 520 million from the beginning of the year.
Glassnode states that most HOD Lers continue to build their position in Bitcoin. A possible signal of the end of the bear market could be the surrender of a long-term investor who sold BTC last week with an average loss of 27% compared to the market price at the time of purchase.
The crypto market is still full of optimists, but the real bull market is likely to sprout from despair and oblivion. An example of despair and oblivion was seen in March 2020. It has decreased by more than a year since its peak in December 2017. Now that it’s half as long, we need to be prepared to see a recovery in the market that is declining in the coming months, but it’s not a repeat of the rise from October 2020 to April 2021.
Bitcoin fell 17.1% in May, failing to meet the historical trend of a relatively successful month. The crypto market has been adversely affected by the collapse of the Terra ecosystem. According to Glassnode, Luna Foundation Guard sold 80,081 BTC in May to support UST stable coins.
From a seasonal point of view, June is considered a relative success of BTC. Over the last 11 years, Bitcoin has been up 7 times a month and down 4 times a month. The average rate of increase was 16.7% and the average rate of decrease was 11.3%. In the first case, BTC ends at around $ 37,000 in June and can recover almost all of the May decline, while in the second case it could end at around $ 28,200 in June. I have.
